Genesis Energy Buys Biggest Soda Ash Business For $1.3 Billion
Houston pipeline company Genesis Energy is branching out with the purchase of the world's largest natural soda ash business for almost $1.3 billion.
Genesis is acquiring from Connecticut-based Tronox Ltd., an alkali mining business that produces soda ash at its Green River, Wyo., facilities, which are home to the world's largest deposits of the mineral trona.
The alkali business mines and processes trona ore to produce soda ash, which is used in everything from the manufacturing of glass and paper to swimming pool treatment chemicals. The business produces about 4 million tons of natural soda ash per year, which is more than 25 percent of all the natural soda ash produced in the world.
Genesis is partnering with major New York private equity firms KKR Global Infrastructure and GSO Capital Partners to help fund the deal.
"The business is a great strategic fit with our current asset base and shares many characteristics with our existing refinery services business," Sims added. "It is a market leader with high barriers to entry."
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